Another big fall in oil prices dragged hordes of petrocurrencies under on Tuesday but even an HSBC warning of mounting bad credit and a near 80% plunge in BP’s profits could not keep stock markets down for long.
Lufthansa would be hard to steer if governments had too much influence on the company, its CEO was quoted as saying by German weekly Die Zeit on Tuesday, as the airline is struggling with the impact of the coronavirus pandemic.
Oil prices plunged for a second day in a row on Tuesday on concerns about dwindling global capacity to store more crude and fears that demand may be slow to recover even after countries ease restrictions to combat the coronavirus pandemic.
Tesla Inc Chief Executive Elon Musk is on the cusp of a roughly $750 million payday as the electric carmaker’s stock recovers from a slump caused by the coronavirus, which led the company to close its factories and furlough workers. Shares of Tesla surged 10% on Monday ahead of the company’s quarterly report this week, and in anticipation it could soon reopen its Fremont, California, plant after it was shuttered because of the pandemic. Monday’s rally put Tesla’s market capitalization at $145 billion. …read more […]
(Bloomberg) — HSBC Holdings Plc cautioned that bad loan charges may reach as much as $11 billion this year, the highest since the last financial crisis, as the coronavirus pandemic halts economic activity around the world.Adjusted profit slumped 51% and expected credit losses surged to $3 billion in the first three months of the year, driven in part by a Singaporean client exposure, according to HSBC’s earnings statement Tuesday. The Asia-focused bank also pushed back parts of its restructuring program until at least the end of the year.Newly appointed Chief Executive Officer Noel Quinn’s plan to boost profitability is being …read more […]
Japanese automakers saw a 34% fall in global vehicle sales in March when the coronavirus outbreak began to spread globally, and face a further tumble in the coming months.
Novartis saw first-quarter sales climb as hospitals and patients stocked up on drugs to avoid being left short during the coronavirus crisis, lifting profits for the Swiss drugmaker.
German airline Lufthansa has no intention of selling its Belgian unit Brussels Airlines, the head of Lufthansa Carsten Spohr assured Belgian Prime Minister Sophie Wilmès in a letter seen by the Belgian VRT public broadcaster.
BP shares were down 2% at 0750 GMT, as analysts questioned whether sticking with the dividend and hiking debt was a prudent strategy. “I can see many reasons why this recovery will take longer and therefore I think we’re in this for quite some time,” Chief Executive Bernard Looney, who took over in February, told Reuters. …read more […]
Amazon.com Inc may have violated safety measures and labor practices amid the coronavirus pandemic as it fired a warehouse protest leader last month, New York Attorney General Letitia James’s office wrote in a letter to the company last week.
Lufthansa has not yet agreed on a 9 billion euro ($9.73 billion) rescue package, company and government sources said on Tuesday, following a report overnight that said an agreement was complete.
(Bloomberg) — Just before the coronavirus-induced U.S. lockdowns began in March, some of the world’s investing elite gathered at an invite-only event in Silicon Valley.Representatives for super-rich families and endowments crowded into Vina Enoteca, an Italian restaurant right by the Stanford University campus. They were there to hear from Lei Zhang, the charismatic founder of Hillhouse Capital Management Ltd. and from some of his top investments, including Zoom Video Communications Inc.’s Eric Yuan.In a packed room — before social distancing became the norm — Zhang and Yuan discussed how technology can change work-life balance. Neither could have predicted how much …read more […]
BP’s first-quarter profit tumbled by two thirds and its debt climbed to its highest in at least five years as the coronavirus crisis hammered oil demand, but the energy major kept its dividend despite warning of exceptional uncertainty.
(Bloomberg) — Germany is preparing to take a stake in Deutsche Lufthansa AG as part of a rescue package to help the carrier weather the coronavirus pandemic, according to people familiar with the matter.A decision is expected in the coming days for an overall aid package that could amount to more than double the company’s market capitalization of 4 billion euros ($4.3 billion), said one of the people, who asked not to be named because the talks are private. One option being discussed could include giving the government seats on the board and the power to block strategic decisions, a …read more […]
BP seeks to sharply reduce its spending and costs to be able to generate profit at oil prices below $35 a barrel by next year compared with $56 a barrel last year, CEO Bernard Looney said.
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